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LETTER OF TRANSMITTALCouncil of Economic AdvisersWashington, D.C., February 12, 2008Mr. <strong>President</strong>:The Council of Economic Advisers herewith submits its 2008 AnnualReport in accordance with the provisions of the Employment Act of 1946 asamended by the Full Employment and Balanced Growth Act of 1978.Sincerely,Edward P. LazearChairmanEconomic Report of the <strong>President</strong> | 9
Page 1 and 2: EconomicReportof thePresidentTransm
Page 4 and 5: C O N T E N T SPageECONOMIC REPORT
Page 7 and 8: ECONOMIC REPORT OF THE PRESIDENTTo
Page 9: $2 billion to a new international c
Page 15 and 16: C O N T E N T SPageoverview........
Page 17 and 18: chapter 6. the nation’s infrastru
Page 19 and 20: 3-4. Growth of U.S. Goods Exports t
Page 21 and 22: OverviewThe U.S. economy retains a
Page 23 and 24: Chapter 2: Credit and Housing Marke
Page 25 and 26: Chapter 4: The Importance of Health
Page 27 and 28: Chapter 7: Searching for Alternativ
Page 29 and 30: C H A P T E R 1The Year in Review a
Page 31 and 32: Developments in 2007 and theNear-Te
Page 33 and 34: Unlike recent years, however, the 2
Page 35 and 36: Box 1-1 — continuedNonresidential
Page 37 and 38: for new investment (undistributed p
Page 39 and 40: investment in 2006 and 2007. This p
Page 41 and 42: Box 1-2 — continued2006 as shown
Page 43 and 44: line with a 2.6 percent annual rate
Page 45 and 46: conditions for dairy herds. The sup
Page 47 and 48: The Administration’s forecast of
Page 49 and 50: Table 1-2.—Supply-Side Components
Page 51 and 52: Box 1-3 — continuedcontinue. This
Page 53: good. Later chapters of this Report
Page 56 and 57: The credit market disruptions appea
Page 58 and 59: Box 2-1: Definitions of Select Mort
Page 60 and 61: At the same time, the dollar volume
Page 62 and 63:
The current rise in defaults reflec
Page 64 and 65:
Box 2-4: Securitization and Structu
Page 66 and 67:
and Freddie Mac slowed sharply in t
Page 68 and 69:
Contraction of the Asset-Backed Com
Page 70 and 71:
sharply following the credit disrup
Page 72 and 73:
The Federal Reserve Bank of New Yor
Page 74 and 75:
Box 2-5 — continuedinvestors. The
Page 76 and 77:
The Federal Reserve is using its ru
Page 78 and 79:
Finally, the third piece of FHA mod
Page 80 and 81:
corporations have not needed to bor
Page 83 and 84:
C H A P T E R 3The Causes and Conse
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From 2003 to 2006, the countries an
Page 87 and 88:
Box 3-1 — continuedthe United Sta
Page 89 and 90:
Second, export growth is much more
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for five of the eight regions ident
Page 93 and 94:
Box 3-3: Open Investment and the Un
Page 95 and 96:
worth of services to their foreign
Page 97 and 98:
does show that across countries, re
Page 99:
Despite the overall benefits of tra
Page 102 and 103:
Health and the Demand for Health Ca
Page 104 and 105:
eing overweight has tripled. Obesit
Page 106 and 107:
65 showed little progress until the
Page 108 and 109:
Addressing Challenges in theHealth
Page 110 and 111:
Box 4-2 — continued(VHA) delivers
Page 112 and 113:
in 2004, and the standard deduction
Page 114 and 115:
a result, those who are currently u
Page 116 and 117:
patient, however, the services deli
Page 118 and 119:
care costs have a positive indirect
Page 120 and 121:
• In addition to contributing to
Page 122 and 123:
Several factors will contribute to
Page 124 and 125:
that, even without explicit tax inc
Page 126 and 127:
Labor SupplyTaxes effectively decre
Page 128 and 129:
An important tax policy issue conce
Page 130 and 131:
and on any capital gains they reali
Page 132 and 133:
The tax cuts increased the share of
Page 134 and 135:
in the long run. The concern about
Page 136 and 137:
These results suggest several disto
Page 138 and 139:
Box 5-2 — continuedplus interest)
Page 140 and 141:
ConclusionThe analysis in this chap
Page 142 and 143:
• The private sector plays an imp
Page 144 and 145:
When the bridge becomes congested,
Page 146 and 147:
When traffic approaches a road’s
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pricing refers to a policy of charg
Page 150 and 151:
Ongoing inspection and maintenance
Page 152 and 153:
Container PortsOver 800 billion dol
Page 154 and 155:
political opposition from communiti
Page 156 and 157:
plane that lands or takes off at a
Page 158 and 159:
Government has taken steps to coord
Page 160 and 161:
To prevent interference, the Govern
Page 162 and 163:
How Should Infrastructure Be Paid F
Page 164 and 165:
Technological innovation has the po
Page 166 and 167:
ConclusionInfrastructure policy is
Page 168 and 169:
ecause nearly 70 percent of petrole
Page 170 and 171:
166 | Economic Report of the Presid
Page 172 and 173:
The next largest fuel types are coa
Page 174 and 175:
the increased fuel efficiency reduc
Page 176 and 177:
estimates are subject to additional
Page 178 and 179:
pumped storage facilities, is about
Page 180 and 181:
solar panels on the roof of the Wes
Page 182 and 183:
Second, the production of ethanol r
Page 184 and 185:
prices for their products, but live
Page 186 and 187:
ions are combined with oxygen to fo
Page 188 and 189:
Market-based mechanisms such as cap
Page 190 and 191:
Fortunately, some solutions exist.
Page 192 and 193:
synchronization may reduce the repo
Page 194 and 195:
on economic statistics that are pro
Page 196 and 197:
Unlike the 5- and 10-year censuses,
Page 198 and 199:
many of their statistics backward i
Page 200 and 201:
current use of services, but the da
Page 202 and 203:
confidentiality of respondents. The
Page 204 and 205:
A major goal of fully implementing
Page 206 and 207:
States. Wages and salaries and wage
Page 209 and 210:
LETTER OF TRANSMITTALCouncil of Eco
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Council Members and Their Dates of
Page 214 and 215:
Macroeconomic PoliciesAs is its tra
Page 216 and 217:
The Council examined transportation
Page 218 and 219:
Research AssistantsMark W. Clements
Page 221:
Appendix BSTATISTICAL TABLES RELATI
Page 224 and 225:
National Income or Expenditure—Co
Page 226 and 227:
Corporate Profits and Finance—Con
Page 228 and 229:
National Income or ExpenditureTable
Page 230 and 231:
Table B-2.—Real gross domestic pr
Page 232 and 233:
Table B-3.—Quantity and price ind
Page 234 and 235:
Table B-5.—Contributions to perce
Page 236 and 237:
Table B-6.—Chain-type quantity in
Page 238 and 239:
Table B-7.—Chain-type price index
Page 240 and 241:
Table B-8.—Gross domestic product
Page 242 and 243:
Table B-10.—Gross value added by
Page 244 and 245:
Table B-12.—Gross domestic produc
Page 246 and 247:
Table B-13.—Real gross domestic p
Page 248 and 249:
Table B-14.—Gross value added of
Page 250 and 251:
Table B-16.—Personal consumption
Page 252 and 253:
Table B-18.—Private fixed investm
Page 254 and 255:
Table B-20.—Government consumptio
Page 256 and 257:
QuarterTable B-22.—Private invent
Page 258 and 259:
Table B-24.—Foreign transactions
Page 260 and 261:
Table B-26.—Relation of gross dom
Page 262 and 263:
Table B-28.—National income by ty
Page 264 and 265:
Year or quarterPersonalincomeTable
Page 266 and 267:
Table B-30.—Disposition of person
Page 268 and 269:
Table B-32.—Gross saving and inve
Page 270 and 271:
Table B-33.—Median money income (
Page 272 and 273:
Table B-35.—Civilian population a
Page 274 and 275:
Table B-36.—Civilian employment a
Page 276 and 277:
Table B-38.—Unemployment by demog
Page 278 and 279:
Table B-40.—Civilian labor force
Page 280 and 281:
Table B-42.—Civilian unemployment
Page 282 and 283:
Year or monthTable B-44.—Unemploy
Page 284 and 285:
Table B-46.—Employees on nonagric
Page 286 and 287:
Year or monthTable B-47.—Hours an
Page 288 and 289:
Table B-49.—Productivity and rela
Page 290 and 291:
Production and Business ActivityTab
Page 292 and 293:
Table B-53.—Industrial production
Page 294 and 295:
Table B-55.—New construction acti
Page 296 and 297:
Table B-57.—Manufacturing and tra
Page 298 and 299:
Table B-59.—Manufacturers’ new
Page 300 and 301:
Table B-61.—Consumer price indexe
Page 302 and 303:
Table B-62.—Consumer price indexe
Page 304 and 305:
Table B-64.—Changes in consumer p
Page 306 and 307:
Table B-65.—Producer price indexe
Page 308 and 309:
Table B-67.—Producer price indexe
Page 310 and 311:
Year ormonthTable B-68.—Changes i
Page 312 and 313:
Table B-70.—Components of money s
Page 314 and 315:
Table B-71.—Aggregate reserves of
Page 316 and 317:
Year andmonthBills(new issues) 1Tab
Page 318 and 319:
Table B-74.—Credit market borrowi
Page 320 and 321:
Table B-75.—Mortgage debt outstan
Page 322 and 323:
Table B-77.—Consumer credit outst
Page 324 and 325:
Table B-79.—Federal receipts, out
Page 326 and 327:
Table B-81.—Federal receipts, out
Page 328 and 329:
Table B-83.—Federal and State and
Page 330 and 331:
Table B-85.—State and local gover
Page 332 and 333:
End of year ormonthTable B-87.—U.
Page 334 and 335:
Table B-89.—Estimated ownership o
Page 336 and 337:
Table B-91.—Corporate profits by
Page 338 and 339:
Table B-93.—Sales, profits, and s
Page 340 and 341:
Table B-95.—Historical stock pric
Page 342 and 343:
YearTotal 1338 | Economic Report of
Page 344 and 345:
Table B-99.—Farm output and produ
Page 346 and 347:
Table B-101.—Agricultural price i
Page 348 and 349:
Year or quarterExportsInternational
Page 350 and 351:
Table B-104.—U.S. international t
Page 352 and 353:
Table B-106.—U.S. international t
Page 354 and 355:
Table B-108.—Industrial productio
Page 356 and 357:
Period352 | Economic Report of the
Page 358:
Table B-112.—Growth rates in real
show all

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